Anglo American’s diamond specialist De Beers has bought the 50 per cent stake held by French luxury goods group LVMH in De Beers Diamond Jewellers for an undisclosed sum, taking full ownership of the retail operation.
“More fully integrating the De Beers Diamond Jewellers brand and store network will enable us to deliver an even more differentiated diamond offering, alongside our fast-growing diamond brand Forevermark,” Chief Executive, De Beers Group, Bruce Cleaver said in a statement.
LVMH had no comment. De Beers said in a statement that fully integrating De Beers Diamond Jewellers would enable the group to enhance value.
De Beers Diamond Jewellers’ retail network comprises 32 stores in 17 countries. This includes a growing business in China, an established presence in London and Paris, and a new flagship location in New York.
In addition, De Beers’ Forevermark high-end diamond brand has expanded into 2,000 outlets globally and it says it expects the growth to continue this year.